Compare Mortgage Quotes

bigbadbruin8 · Joined: 10 Feb 2010 Posts: 1 1.27 Dollars($)

DO YOU HAVE TO PAY TAX FROM 1099C TO STATE OF CALIFORNIA?
FEDERAL GOVERNMENT HAS PROGRAM TO FORGIVE
CANCELED DEBT. TAX THROUGH 2012

bobboyer · Joined: 10 Feb 2010 Posts: 1 1.13 Dollars($)

When the Feds extended the debt forgiveness, CA did not. It has expired and I have not heard any word of a revival for this (not surprising given the budget woes).

jenkin7 · Posted: Wed Feb 10, 2010 10:49 pm Post subject:

Hi bigbad,

As far as I know, the Federal Mortgage Forgiveness Debt Relief Act of 2007 does not apply in the state of California, which has its own Mortgage debt Forgiveness Tax Relief Act. It is a little different from the Federal debt relief program. The Federal program applies to debts forgiven in 2007 through 2012, whereas the California tax relief act applies to debts canceled in 2007 and 2008.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

STATE TAX ON CANCELED DEBTS

Financial Tools

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1